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German minister claims Britain WILL join single currency-blocks vote

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Author Topic: German minister claims Britain WILL join single currency-blocks vote  (Read 400 times)
« on: November 18, 2011, 11:18:40 am »

Scrap the Pound and join the sinking Euro! German minister claims Britain WILL join single currency as Merkel tries to scupper OUR vote
Finance minister's astonishing claim comes despite deepening crisis that threatens the existence of the single currency


Cameron and Merkel ignore disagreements over eurozone solution as they describe their 'strong friendship'
German Chancellor says EU needs 'limited treaty change' which won't trigger a referendum in Britain

PM was in Berlin today to discuss repatriation of EU powers and 'Tobin tax'

UK is pressuring Germany to allow euro bank to print more money
Senior Tory calls for 'permanent, universal opt-out' from European laws

By Daily Mail Reporter

Last updated at 5:09 PM on 18th November 2011

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Germany's Chancellor today denied the British people the chance for an EU referendum as as she said the eurozone crisis would be resolved without the UK's involvement.
Angela Merkel called for a 'limited treaty change' for further eurozone integration - exactly as spelled out in a leaked German memo which outlines an attempt to prevent a British referendum that could lead to powers being clawed back from Brussels.
Her extraordinary announcement came on the day that finance minister Wolfgang Schäuble predicted that the UK will have to adopt the euro 'faster than people think', despite the ongoing crisis in the single currency.
Germany's attempts to impose EU control on Britain, and the minister's astonishing outburst, will have increased the tensions between David Cameron and Mrs Merkel as they met in Berlin this morning.
The leaders are have clashed over German plans for a new tax on bank transactions and treaty change to shore up eurozone finances.
But at a press conference this afternoon, the pair ignored their differences and insisted that Britain and Germany will work together in a spirit of 'strong friendship'.
 Harmonious: Angela Merkel and David Cameron tried to ignore their differences at a press conference today

 Clash: The leaders acknowledged their disagreement over a financial transactions tax
 Bond spreads as they stood overnight: The yield for troubled governments has become worryingly high
The leaders steered clear of most areas of disagreement and insisted they had had 'very good discussions between very good friends', but could not stop some evidence of discord slipping out.
When asked whether the European Central Bank should start printing money to guarantee eurozone debts, Mr Cameron said officials should 'do what is necessary' to defend the euro.
Cameron heads to Berlin for crisis talks with Merkel as Spanish bond yields hit 14-year high
But Mrs Merkel warned that Europe's resources were not infinite as she insisted: 'One should not pretend to be more powerful than one really is.'
And when the pair were asked about the arguments over a European financial transactions tax, the German leader admitted they 'did not make any progress' on the issue.
In a blow to British hopes of a referendum on repatriating powers from Brussels, she also said that any move towards closer economic union in the eurozone would take place through 'a limited treaty change, only for the members of the eurozone'.

The Conservatives have long promised a referendum on repatriating powers from the EU, but have not yet delivered one.
Angela Merkel's comments today make a referendum less likely, as her 'limited treaty change' will not have to be approved by countries outside the euro, including the UK.The Coalition's 'referendum lock' commits the Government to holding a public vote the next time Britain is supposed to sign up to a new treaty which would hand more power to Brussels.
But if the eurozone countries try to solve the debt crisis by closer economic integration, the UK will have no say - even though this could have a massive impact on Britain.

Although no referendum will be held, there is nothing to stop the Government from trying to repatriate powers by itself, but without a popular mandate it will be taken less seriously by other EU countries.

This would mean that Mr Cameron could avoid fulfilling his pledge to hold a referendum on EU powers the next time Britain is required to sign up to a new treaty, and will outrage Tory backbenchers hoping to claw back sovereignty from Europe.

Markets fell for a second consecutive day amid continued dithering over the future of the euro as the bond yields of troubled governments remain worryingly high.
But despite the danger that the debt crisis could endanger the very existence of the euro, Mr Schäuble insisted that all of Europe would eventually have to adopt the single currency.
He told a German news agency that his government 'respects' Britain's decision not to join the euro, but predicted that when the currency stabilised the whole continent would queue up to join, and added: 'It will perhaps happen faster than some in the British Isles currently believe.'
It was also revealed today that Berlin is hoping to create an intrusive body that could take over the economies of beleaguered eurozone countries.
A leaked memo by German foreign office officials shows that Berlin is bracing itself for other EU nations, which are too large to be bailed out, to default on their debts, effectively going bankrupt.
The six-page document says Germany wants to set up a European Monetary Fund to take over failing economies.
Entitled The Future of the EU, it calls for closer ‘political union’ while examining ways to limit treaty changes in an attempt to prevent countries such as Britain from holding a referendum.

 Greeting: Mr Cameron and Mrs Merkel met in Berlin today for crisis talks on the future of the EU
 Meeting: Earlier today Mr Cameron held talks with EU president Herman Van Rompuy, right, in Brussels

 Talks: Mr Cameron also met with Jose Manuel Barroso, right, president of the European Commission

David Cameron has pledged that voters will get a say in a referendum on any significant changes to the Lisbon Treaty. It is almost certain that the British public would give resounding support to clawing back powers from the European Parliament if they were ever to get a say in a poll - a result that Brussels would find hard to dismiss.
The bond yields of troubled eurozone governments have remained stubbornly high today.
Both Italy and Spain are hovering around the seven per cent barrier at which repayment costs are considered to be unsustainable.

These were the 10-year bond yields of European countries at 2pm today.

Italy - 6.77%
Spain - 6.48%
France - 3.56%
Greece - 28.88%
Portugal - 11.42%
Ireland - 8.38%
UK - 2.22%
Germany - 1.90%

But the leaked document says: ‘Limiting the effect of the treaty changes to the eurozone states would make ratification easier, which would nevertheless be required by all EU member states (thereby less referenda could be necessary, which could also affect the UK).’
The memo will anger senior Conservatives who want to see powers repatriated to Britain.
It will also add to fears that Germany wants to use the eurozone crisis to create a European ‘super state’ with its own tax and spend policies.
While the memo is unlikely to have been raised at today's talks, Mr Cameron and Mrs Merkel are expected have disagreed over a number of key issues affecting the future of the EU.
Mr Cameron is resisting European attempts to impose a 'Tobin tax' on all financial transactions, and also hopes to combat the idea of a treaty change to allow closer integration of the eurozone - leaving the UK on the sidelines.

He is believed to have pushed for the German government to give the European Central Bank the ability to act as a 'lender of last resort' by printing more money, an idea which is very unpopular in Germany for historical reasons.
And a senior Tory backbencher has urged the Prime Minister to use the eurozone crisis as a chance to secure 'a permanent, universal opt-out' from EU legislation.
 Protest: Thousands took to the streets of Barcelona ahead of Spain's general election this weekend
Mrs Merkel is furious that Mr Cameron and Chancellor George Osborne have refused to consider a financial transactions tax, which could generate tens of billions of euros a year to recoup some of the costs to taxpayers of financial crisis.
But the European Commission has admitted the tax would cost 500,000 jobs and Mr Cameron says the fall-out would hit the City of London hardest and drive financial business out of Europe.
He repeated today that Britain would only back such a tax if it was applied globally, to create a level playing field.
The UK is also trying to avoid a formal 'two-tier' system in the EU, for fear of being left outside key decision making in the non-eurozone margins.
British ministers are convinced a two-tier system, splitting the 17 eurozone members from the other 10, is unworkable.
Mrs Merkel insists a minor treaty change to create the new system can be done swiftly, and she warned Mr Cameron at a recent summit that he should not use the occasion to try to repatriate powers to the UK.
At today's press conference, the pair played down their disagreements and pointed to their 'strong bonds of friendship. Mr Cameron said: 'It is obvious that we don't agree on every aspect of European policy, but I am clear that we can address and accommodate and deal with those differences.'
But they could not help showing their disagreement on the Europe-wide 'Tobin tax', as Mrs Merkel said: 'We are at one saying that a global financial transaction tax would be implemented by both countries immediately.

'But just a European one, we did not make any progress.'
 Clash: Italy has seen riots after installing an EU-approved technocratic government this week

 Demonstration: Marchers in Milan yesterday targeted banks to express their anger at the financial crisis
She also insisted on the importance of European unity, saying: 'We have stood together. In a world of 7billion, Europe doesn't stand a chance [otherwise].'
Both leaders insisted that they would combat plans to raise the EU's budget by an inflation-busting five per cent. The Prime Minister said the situation was 'not acceptable', and that 'budget decisions must be linked to the inflation rate.'
Mr Cameron is under pressure in Berlin to accept Mrs Merkel's assertion that the EU is headed towards deeper political union - with or without the UK.
German foreign minister Guido Westerwelle today said the eurozone currency union should be 'upgraded to a stability union', with automatic sanctions for member states which run up excessive debts and deeper integration of economic policy.
Writing in the Financial Times, he said the EU 'will not be able to avoid amending the treaties', and warned that the UK would have to sign up to this plan for it to work.

The fact that Volker Kauder, a close political ally of Mrs Merkel, has publicly declared Germany to be in the EU driving seat, and warned that Britain cannot block a financial transactions tax, has only toughened the mood between London and Berlin.
The UK has put pressure on Germany, as the strongest eurozone economy, to back plans to allow the ECB to shore up the eurozone by printing money.
But many Germans are wary of this idea, having experienced periods of damaging hyper-inflation during the 20th century.
 Close: Mrs Merkel and France's Nicolas Sarkozy want to exclude Britain from talks on the eurozone's future
 City of London: Mr Cameron is concerned that a financial transactions tax will hit the UK
The deputy leader of Mrs Merkel's party, the Christian Democratic Union, today said Germans were 'scared' of inflation - which would be inevitable if the ECB were to start printing money.

Michael Fuchs told the BBC Radio 4 Today programme: 'Printing money means, at the end of the day, inflation. Inflation costs all of the people in Europe a lot of money.

'Every German is very much scared of inflation and too much inflation leads to a final currency. If the ECB is now buying, where is the pressure for these countries to do reforms?

'I don't think it has anything to do with running Europe - we don't want to run Europe. If we have a currency union, we have to have a certain fiscal union as well.'
This morning influential Conservative backbencher David Davis urged Mr Cameron to renegotiate Britain's relationship with the EU to give the UK 'a permanent, universal opt-out that allows us to escape the damaging effects of costly and unnecessary EU laws'.

Writing in the Daily Telegraph, Mr Davis said: 'If we do not like a new law, Parliament should be able to reject it.

'Norway and Switzerland - with their more flexible trading relationships - do not subordinate their democracies to the EU. Neither should we.'
On his way to Berlin, Mr Cameron stopped in Brussels for talks with European Commission president Juan Manuel Barroso, and EU boss Herman Van Rompuy.
Over a breakfast of bacon and eggs paired with continental croissants, the Prime Minister and Mr Barroso agreed to 'prioritise the decisive action needed to ensure the stability of the euro area as well as fast-tracking measures to stimulate growth and jobs.'

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« Reply #1 on: November 20, 2011, 09:45:59 am »

Boris Johnson Slams 'Big Bazooka' Euro Plan

(Lisas comment-sounds like they brain washed him then Huh?)
Follow   David Cameron , UK Business , Boris Johnson , Eurozone , Uk Economy , Uk News , UK Politics stumble Boris Johnson has put himself on a fresh collision course with David Cameron by criticising the Prime Minister's position on the eurozone crisis.

The outspoken Mayor of London dismissed suggestions that building a "big bazooka" bailout fund and closer fiscal union between the 17 member states would resolve Europe's economic turmoil, it was reported.

Instead, he claimed, the options were more likely to "exacerbate the problem".

Mr Cameron called for a "big bazooka" injection of cash in October to shore up the single currency amid warnings that it was on the brink of collapse.

In an interview with the Sunday Telegraph, Mr Johnson said: "This idea that if we can find a big enough bazooka, we could blow away the problem by creating a euro government in which there will be shared fiscal responsibility, I'm afraid that really will, in the long term, and probably even in the short and medium term, simply exacerbate the problem. That administration, that economic government will have no democratic legitimacy."

He puts forward alternative solutions, including suggestions that the eurozone could be split into two parts, one containing stronger economies such as France and Germany and the other sweeping up the weaker states such as Greece and Portugal.

Another option would be allowing struggling economies to leave the eurozone and devalue, and then either come back in or stick to their old pre-euro currencies.

"What needs to happen now is an orderly realignment; that's to say, there needs to be either a bisection of the euro into north and south, or there needs to be some way in which, in as tidy a way as possible, countries that simply can't take the consequences of the current alignment, are allowed, effectively, to devalue," he said.

Mr Johnson told the newspaper that installing technocrats in place of elected leaders in ailing Greece and Italy was "completely mad".

The Mayor also reiterated his warnings to the European leaders against pushing ahead with a plan to impose a "Tobin" tax on financial transaction - which would hit the City of London hardest - warning it would be a "hostile act".

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« Reply #2 on: November 20, 2011, 10:43:50 am »

Britain will have to join the euro, says Tory grandee Lord Heseltine

Britain will soon have no choice but to join the euro, Tory grandee Lord Heseltine has claimed, as tensions grow over the eurozone's slow-moving efforts to get a grip on the spreading debt crisis.
Britain will soon have no choice but to join the euro, Tory grandee Lord Heseltine has claimed. Photo: Geoff Pugh By Josie Ensor
2:18PM GMT 20 Nov 2011
The former deputy prime minister, a long-time supporter of the single currency, said the public had "no idea" about the potential impact its collapse would have on the UK.

But he believes Franco-German determination will secure the euro's future and pave the way for Britain to sign up.

Both the Coalition and the Labour Party have ruled out adopting the euro in the foreseeable future.

Last month Prime Minister David Cameron suffered the biggest ever Conservative revolt over Europe as more than 80 Conservative MPs defied his orders and backed a referendum on Britain’s membership of the European Union.

Lord Heseltine, the peer in charge of the Government's £1.4 billion regional growth fund, acknowledged that the Eurozone was in crisis, but said he was confident they would pull through to create a stronger economy.

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"I think the chances are the euro will survive because the determination, particularly of the French and the Germans, is to maintain the coherence that they have created in Europe. Now they have got a hell of a problem, let's be frank about it, but my guess is that they will find a way through.

"I hope they will because the downside for the British economy of the euro going under is catastrophic. People have no idea of the scale of money British banks are owed by European banks.

"If the European banks start going it will be our banks that are on the line, our government on the line."

Lord Heseltine's claims echo those made by the German fianance minister, who last week said that Britain will have to abandon the pound and join the single currency “faster than people think”.

In a highly-provocative intervention, Wolfgang Schauble suggested the UK’s struggling economy meant the pound was doomed, and urged the Prime Minister to back Europe’s ailing single currency.

He said that, despite the current crisis in the eurozone, the euro will ultimately emerge as the common currency of the entire European Union.

He said he “respects” Britain’s decision to keep the pound, but insisted that the survival and eventual stabilisation of the euro will convince non-members to join the currency club.

“This may happen more quickly than some people in the British Isles currently believe,” he added.

A leaked document seen by The Daily Telegraph last Thursday showed that Berlin has drawn up radical plans for an intrusive new European body which will be able to intervene directly in beleaguered countries.

It showed that Germany has also drawn up secret plans designed to bypass the threat of a British referendum on treaty reforms.
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